If you are planning on selling your home you have many options these days. There are many real estate agents to select from; some homeowners may opt to try to sell their home themselves. This is a large undertaking and not to mention a time consuming project. Here are some tips for those wanting to venture into a For Sale by Owner or FSBO.
Make sure to price your home correctly. To do this you may need to do a bit of research on what home prices in your area are. You don’t want to be overpriced and you certainly want to get the most that you can. The first two weeks your home goes on the market are crucial; this is when buyer’s interest levels are higher.
Preparing your home for a sale is crucial step. You need to have your home look its best. You may need to invest some money into making minor repairs around the house. Perhaps a new coat of paint or some new carpeting will do the trick. Keeping your home clean and uncluttered is much more appealing. It needs to look its best at all times as you never know when someone will want to come by and see it.
If you are planning on selling your home, you will be responsible for the marketing of your home. Having photos taken, hosting open houses and print advertising are all great ways to get the word out. You will want to consider offering a commission to selling agents and if you go that route you may want to have a lock box so they can show your home without having to work around your schedule.
Once an offer comes in this is where it may get a little tricky for those not familiar with contracts. There are many things to consider, will you make a counter offer or will you want a contingency offer? Did you make sure the buyer was pre-qualified, are you going to ask for an earnest money deposit. These are all things that normally your agent would do but now you are in the driver’s seat so, again make sure to have done your homework.
A good idea is have your home inspected before it gets listed. You will know ahead of time what the findings are and if anything needs to be repaired you can either decide to do so or perhaps negotiate the price of the home based on the findings. You will also want to have any copies of the homeowner’s association rules and regulations for the new owner and you may want to consider a home warranty plan to perhaps sweeten the deal for the buyer, this way you can have peace of mind they won’t be calling or blaming you for any malfunction.
FSBO can be very beneficial; you can save yourself some money. But you need to weigh the pros and cons and decide if it is worth the extra work for you.